Fourth of July is in the same area. Mentioned by Madrid in 2006 AGM. Note imperial measures. Market cap is now over $200 M.

Midway Gold Corp.: Midway Encounters 10 Feet 1.15 Ounce Per Ton Gold at Spring Valley, Nevada

1/9/2008 9:29:00 AM ET    Related symbols: ICPT V.MDW
Market Wire

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2008) - Midway Gold Corp. ('Midway' or the 'Company') (TSX VENTURE:MDW)(AMEX:MDW) announces further drill results from the 2007 program encountering 10 feet of 1.148 opt (ounce per ton) gold within an interval of 55 feet of 0.228 opt in hole SV07-372 and 5 feet of 1.062 opt gold within 73 feet of 0.119 opt gold in hole SV07-294c. 'These high-grade intercepts open a whole new potential for increasing this deposit. What a great way to start the New Year. We have five drills committed this year to explore this and our other projects in Nevada. We int to continue our aggressive exploration and growth to continue to build the Company's pipeline of new gold resources in Nevada,' said Midway Gold President and CEO Alan Branham.

These holes are part of a thirteen drill hole program that has partially infilled the areas lying between the Pond Target, the Valley Breccia Zone, and the West Diatreme Target (To view map and table of results, please click on the following link: http://www.ccnmatthews.com/docs/mdw109mt.pdf). The holes were drilled on 200 foot centers in the 800 by 800 foot area West Diatreme zone. This target is not included in current resource estimates and remains open to the south and west. Other significant intercepts include, SV07-350c - 75 feet of 0.054 opt gold, SV07-361 - 50 feet of 0.041 opt gold and SV07-358 - 25 feet of 0.089 opt gold. The West Diatreme zone occurs along the Black Ridge fault zone which also controls mineralization at the Rochester and Relief Canyon mines to the south.

In 2007, a total of 113,000 feet in 188 holes were drilled on the Spring Valley project expanding the areas of mineralization. An indepent resource estimate compliant with Canada's NI 43-101 is currently being updated and will include results from holes drilled in 2006 and up to December 15, 2007. The new estimated resource is expected to be completed in January 2008. Drilling is expected to resume on the project in February with two drill rigs.

Spring Valley is a diatreme hosted gold system covered by gravel pediment. Deep core drilling has intercepted gold-bearing quartz veins in porphyry intrusives below the diatreme. Known gold zones (North Hill, Porphyry, Pond, Valley Breccia, West Diatreme and King David) underlie an area 3,500 feet long by 3,500 feet wide and ext from 50 to 1,450 feet in depth. Details of Midway Gold's projects are available on the Company's website at www.midwaygold.com.

Midway Gold Corp. is a precious metals exploration company, listed on the American Stock Exchange and is a Tier 1 issuer on the TSX Venture Exchange under the symbol 'MDW'. Midway's focus is creating value for shareholders through the exploration and development of quality precious metal resources in stable mining areas.

This release has been reviewed and approved by Craig Stiles (MSc. and CPG), a 'qualified person' as that term is defined in NI 43-101.

ON BEHALF OF THE BOARD

Alan Branham, President and CEO

This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include resource estimates. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or rer operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and other factors identified in the Company's SEC filings. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.